Mallya to pay Rs400 cr to Deccan by month-end

Mallya to pay Rs400 cr to Deccan by month-end
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First Published: Tue, Jun 12 2007. 07 17 PM IST
Updated: Tue, Jun 12 2007. 07 17 PM IST
PTI
Mumbai: Vijay Mallya-led UB Group is all set to meet the month-end deadline for payment of Rs400 crore balance toward 26% stake it had picked in Deccan Aviation, the promoter of low-cost carrier Air Deccan.
“UB is not going to sell any shares and the company has the money ready to meet the deadline,” Mallya told reporters here to questions on how he would fund the deal.
He, however, said the group, whose open offer to acquire another 20% stake will be launched in July, “is open to exploring all possibilities.”
UB Holdings had, on 31 May, announced that it will acquire a 26% stake in Deccan for Rs550 crore. It had made an upfront payment of Rs150 crore and the balance was to be paid in four weeks.
“Kingfisher’s talks with Deccan have been extremely productive. Some of the initiatives discussed are already being implemented which will reflect soon,” he said.
“We will fully leverage the extrordinary network of both the airlines,” he added.
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First Published: Tue, Jun 12 2007. 07 17 PM IST
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